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Wichita Falls First Time Homebuyers Program
City of Wichita Falls
www.cwftx.net/index.aspx?nid=161

Program Overview


Wichita Falls First Time Homebuyers Program is a program that provides help with a qualified homebuyer’s closing costs or down payment requirements, or with reducing the mortgage loan principal. Property must be located within the city of Wichita Falls.


Who is eligible for this program?


Borrowers must be pre-approved for a mortgage with a participating lender before applying. Funds may be used for closing costs or the down payment requirement, or to reduce the mortgage loan principal.

Household Income Limit: $ 58100
Is this program for first-time buyers only? Yes


Property Eligibility Requirements


Property may not be located in the 100-year floodplain.
The sales price cannot exceed $ 95,000.
Allowable property types: Single-family homes.


Benefit Details


Second lien, deferred-payment loan. No monthly loan payments are made, but if the homebuyer sells, leases or rents the property within five years period following purchase, all or part of the loan must be repaid. At the end of the five year period, the lien is released. The maximum loan is $4,250.

Benefit: Deferred payment loan.
Loan Term:5 years
Homebuyer Counseling /
Education Required:
No
Owner Occupancy Required:Yes
Other Program Comments:The home must pass a city inspection to conform to federal and local property standards and comply with Federal lead-based paint regulations. Borrowers must first apply for a standard mortgage loan (no sub-prime loans allowed) from a participating lender or from a recognized mortgage lender who agrees to meet program requirements. After closing, occupancy of the home may be periodically monitored by the Neighborhood Resources Division during the period of the lien.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on row site. Some inaccuracies may exist. For verification contact a certified REALTOR member.



For more information about row and other homebuyer programs please contact one of the following:

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